We studied optical coherence properties of the 1.53 $mu$m telecommunication transition in an Er$^{3+}$-doped silicate optical fiber through spectral holeburning and photon echoes. We find decoherence times of up to 3.8 $mu$s at a magnetic field of 2.2 Tesla and a temperature of 150 mK. A strong magnetic-field dependent optical dephasing was observed and is believed to arise from an interaction between the electronic Er$^{3+}$ spin and the magnetic moment of tunneling modes in the glass. Furthermore, we observed fine-structure in the Erbium holeburning spectrum originating from superhyperfine interaction with $^{27}$Al host nuclei. Our results show that Er$^{3+}$-doped silicate fibers are promising material candidates for quantum state storage.